Competition for Rhode Island homes remains ‘fierce’
The state’s median house price reportedly increased to $275,000 in May.
PROVIDENCE — The demand for Rhode Island homes continues to rise.
The Rhode Island Association of Realtors said Tuesday that the average number of days homes spent on the market in May — 49 — was the shortest time frame in the state in nearly 14 years, the Providence Journal reported. According to the association, the state’s median home price increased to $275,000 in May.
Association president Joseph Luca said in a statement that “competition is fierce.”
There were fewer single-family homes listed for sale in May compared with the same period last year.
Rhode Island Housing also announced that closings in the first quarter of 2018 were the highest the agency had seen in its 45-year history.
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